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\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\
VARIABLES & D.l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & l\_muTLsFSQt1\_pos\_w\_h\_ha\_dev & l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & l\_muTLsFSQt1\_pos\_w\_h\_hp\_dev \\ \hline
 &  &  &  &  \\
D.l\_va\_total & 0.160*** &  &  &  \\
 & (0.0396) &  &  &  \\
l\_va\_total\_ha\_dev &  & 0.139** &  &  \\
 &  & (0.0569) &  &  \\
l\_va\_total &  &  & 0.116*** &  \\
 &  &  & (0.0418) &  \\
l\_va\_total\_hp\_dev &  &  &  & 0.157*** \\
 &  &  &  & (0.0384) \\
Constant & -0.0339*** & 0.00995 & -1.368** & -0.0131*** \\
 & (0.00694) & (0.00656) & (0.538) & (0.00356) \\
 &  &  &  &  \\
Observations & 6,875 & 6,325 & 6,875 & 6,875 \\
R-squared & 0.063 & 0.060 & 0.959 & 0.057 \\
Sector FE & Yes & Yes & Yes & Yes \\
Year FE & Yes & Yes & Yes & Yes \\
 Cluster & Sector & Sector & Sector & Sector \\ \hline
\multicolumn{5}{c}{ Robust standard errors in parentheses} \\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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